Technological innovation is the key to a competitive and growing economy, unlocking major productivity gains and allowing companies to move towards higher value-added activities.

The World Economic Forum’s Global Competitiveness Report 2015-16 evaluates 140 of the world’s economies on various measures of innovation – including the quality of scientific research institutions and spending on research and development – to produce an overall global ranking.

1510B04-innovative countries graph

Switzerland emerges as the most innovative country in the world, with Finland coming a close second – swapping places since last year’s report. Four other European nations are also in the top 10: Germany, Sweden, the Netherlands and Denmark.

Japan and Singapore represent Asia, while Israel and the United States complete the top 10.

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Author: Joe Myers is a Digital Content Producer at Formative Content. 

Image: Traditional Incandescent light bulbs are seen at an apartment, August 31, 2009. REUTERS/Michael Dalder